Toronto - Jaguar Mining Inc. ('Jaguar' or the 'Company') (TSX: JAG) is pleased to announce that it has signed an option agreement (the 'Iron Quadrangle Agreement') with IAMGOLD Corporation ('IAMGOLD') on a package of 28 exploration tenements (the 'Package') covering an area of some 27,141.75 Ha in the prolific Iron Quadrangle, located in Minas Gerais, Brazil.

The Iron Quadrangle Agreement stipulates that Jaguar has the option to earn an initial 60% interest in the Package by spending $6.0 million in exploration expenditures over four years commencing in the third quarter of 2020. Jaguar will be the project operator and will be subject to oversight by a technical committee with representatives from both companies.

Under the terms of the Agreement, the following will apply: The Earn-in period will include a minimum expenditure of $500,000 per annum, and the exploration program must include the completion of a minimum of 5,000 meters of diamond drilling over the option agreement time frame.

Upon Jaguar vesting an initial 60% interest, IMG may elect to participate and fund its pro-rata share of ongoing expenditures under a conventional 60:40 JV that will be formed for this purpose and will be agreed-upon by both companies.

Once the 60:40 JV is in place, both parties will be required to fund their pro-rata share for ongoing expenditures or be subject to dilution. Should either party dilute to

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